The United Arab Emirates is ramping upward blockchain evolution inward a bid to become, yesteryear 2020, a leading oculus for excogitation in addition to the first off regime inward the globe to execute all of its transactions on a blockchain.
The displace seeks to cutting an estimated 100 1000000 newspaper transactions annually in addition to cut the 25 1000000 hours of move required inward treatment newspaper documents inward Dubai alone.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince, launched the Dubai Blockchain strategy inward October, which aims at achieving a high grade of efficiency inward regime departments.
Another surface area of the strategy seeks to hit thousands of novel jobs yesteryear leveraging blockchain engineering scientific discipline to let Emiratis, expatriates in addition to investors to prepare companies to a greater extent than easily.
"The strategy volition termination inward substantial economical saving that tin last reinvested inward value-added sectors in addition to volition contribute to saving millions of hours wasted inward entering information in addition to ensuring their veracity," said Mohammad Abdullah Al Gergawi, Vice Chairman of the Board of Trustees in addition to Managing Director of Dubai Future Foundation.
"It volition besides hit novel economical fields in addition to businesses every bit the book of blockchain marketplace is expected to hitting US$300 1000000 over the course of report of the adjacent 5 years.”
The strategy is a articulation projection betwixt the government's Dubai Future Foundation in addition to Dubai Smart City Office.
Earlier this year, the Dubai Future Foundation launched the Global Blockchain Council, a public-private initiative that demonstrated the UAE's commitment to the technology.
Under the Global Blockchain Council umbrella, prominent fiscal institutions, engineering scientific discipline firms in addition to startups are collaborating on a position out of pilot projects that hope to growth efficiency inward processes, cutting costs in addition to hit novel trouble organization opportunities. Among these projects, a organization called BitOasis aims at creating a blockchain platform "to secure [the] flexidesk contracts in addition to registration process." Another project, called the Kraken Bitcoin Exchange, seeks to hit a fiscal infrastructure for Islamic finance operations. Both airplane pilot projects are beingness overseen yesteryear Dubai Multi Commodities Center Authority.
Dubai Future Accelerators Selects Two Blockchain Companies for Pilot Programs
In September, Dubai Future Foundation kicked off the initiative Dubai Future Accelerators, a 12-week programme that seeks to connect international engineering scientific discipline startups amongst regime entities to hit prototypes in addition to pilots for the urban heart of Dubai.
More specifically, Dubai Future Accelerators paired thirty companies amongst 7 of Dubai’s populace services: Health, Energy, Knowledge, Municipality, Police, Transport in addition to the investment portfolio, Dubai Holding.
The program, which ended before this week, selected xix out of the thirty companies to displace frontward to the airplane pilot in addition to prototyping phase. These volition have a full of Dh120 1000000 (US$32.6 million) inward investment.
Of the participating companies, fourteen remove maintain already relocated their headquarters to Dubai, highlighting the city’s growing attractiveness.
“The UAE has teach the foremost global platform for turning the futurity into reality,” said His Excellency, Mohammed Al Gergawi, Minister of Cabinet Affairs in addition to The Future, in addition to Vice Chairman of the Dubai Future Accelerators. “It is the ideal finish to materialize innovative ideas into tangible projects that remove maintain a pregnant behave upon on the economic scheme in addition to social club — projects that tin hit ameliorate lives for us in addition to for futurity generations.”
Among the companies that made it to the adjacent phase, Loyyal, a loyalty in addition to rewards platform, signed a bargain amongst Dubai Holding for a airplane pilot deployment aimed at creating the "internet of loyalty points, promotions in addition to rewards" yesteryear using blockchain technology. Specifically, it volition assay to supply an innovative in addition to toll effective solution to heighten in addition to connect dissimilar loyalty programs.
The airplane pilot volition focus on the Jumeirah Group in addition to TECOM Group, Dubai Holding's sis company, bringing together their respective loyalty schemes to enable network-effect opportunities.
"We established the Global Blockchain Council hither inward Dubai less than a twelvemonth ago, in addition to are already seeing impressive advancements inward the uptake of this technology," commented Saif Al-Aleeli, CEO of the Dubai Future Foundation in addition to Founding Member of the Global Blockchain Council. "We are pleased yesteryear Loyyal's progress amongst Dubai Points, their partnerships amongst the mortal sector, in addition to facial expression frontward to working fifty-fifty closer amongst them every bit they convey the blockchain futurity to reality."
As purpose of the deal, Loyyal volition last deploying its proprietary in addition to patent-pending blockchain in addition to smart contract infrastructure solution to re-map the mode Dubai Holding's businesses interact amongst consumers in addition to each other.
Alongside Loyyal, other blockchain startups that were selected for programme integration included BlockApps, an Ethereum compliant platform for the development, deployment in addition to management of enterprise blockchain applications, in addition to ConsenSys. The largest Ethereum blockchain software companionship inward the world, ConsenSys, will develop a existent estate database using blockchain engineering scientific discipline for the airplane pilot program.
The xix airplane pilot projects are expected to hit 135 chore opportunities inward Dubai over the adjacent 3 months, which is projected to growth exponentially when the projects attain tangible results, in addition to the companies expand their activities.
The minute circular of the Dubai Future Accelerator programme volition boot off inward the offset of Q1 2017 in addition to volition come across 5 additional regime in addition to mortal entities joining in: the Department of Economic Development, Dubai Smart Office, the General Directorate of Residency in addition to Foreigners Affairs, Etisalat in addition to du, both telecom operators inward the UAE.
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